Photo: Beax / Wikimedia Commons, CC BY-SA 3.0, modified
WIG up 35% this year: is the Warsaw bull market coming to an end?
The Warsaw Stock Exchange has had record weeks, with the WIG and WIG20 indices both hitting records on 6 October. But some valuation measures are at their highest since 2008, and analysts warn of a peak.
Since the start of the year the broad WIG index has gained about 35% and the blue-chip WIG20 more than 31%. Smaller companies have lagged: the sWIG80 is up 4.2%. On 6 October the WIG set a record of 159,338.95 points and the WIG20 closed at 4,222.36, its first record since 2007. On Friday the WIG20 closed at 4,185.52, up 1.37% on the day.
As expensive as in 2008
According to Bankier, the WIG's price-to-book ratio is about 1.8, the highest since 2008. The price-to-earnings ratio is 13.5. The current bull market has lasted 48 months, and the index has gained 252% from its 2022 low. Bankier's Krzysztof Kolany writes that several traditional, battle-tested measures point to the bull market coming to an end.
New trading system
Since 5 October the exchange has been running on its new WATS trading system. This week investors will see inflation data from Poland and the US, while across the Atlantic big banks begin reporting quarterly results.
High valuations do not mean declines will start straight away; bull markets can last longer than the indicators suggest. This article is not investment advice.
Source: Bankier.pl, XYZ.pl (9–12 Oct 2026)